ICICI Bank Zero Balance Account: Features, Benefits & Eligibility

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What is the ICICI zero balance account?

The ICICI zero balance account is also known as the "basic savings bank deposit account”. It is different from other forms of savings accounts. Here, the customer does not need to maintain any minimum balance in their zero balance savings account. There is no penalty on this for not maintaining the minimum balance. 

In a normal savings account, one has to maintain the minimum balance to avoid any penalty. If one fails to maintain the minimum balance in their regular savings account, then they have to pay a certain amount as a penalty. Hence, this criterion is not applied to the zero balance account.

There are two types of zero balance accounts: 

1. Basic savings bank deposit account (for regular individuals)
2. Corporate salary account (for salaried corporate employees) 

Hence, these are the two types of zero balance accounts offered by ICICI Bank. 

What are the benefits of the ICICI zero balance savings account?

There are multiple benefits that ICICI provides to their customers with a zero balance account. 

Here is the list of benefits that a zero balance account provides: 

1. You do not need to maintain the minimum balance. So, there is no penalty applied to your account even if you remove all the money from the account. 

2. Net banking and mobile banking are available on your request.

3. You will be facilitated with the RuPay debit card also. 

4. ICICI bank zero balance account also provides the single or joint mode of account holdings to the customers. 

5. The ICICI bank zero balance account has also been known as the Pradhan Mantri Jan Dhan Yojana (PMJDY) since 2014. 

Hence, these are the benefits the ICICI bank zero balance account provides to its customers. 

What are the features of a PMJDY account?

There are three major features of PMJDY that the bank provides to its registered customers.

Here are the features of a PMJDY account:

1. The customer will get a complimentary passbook.
2. You will also get a personalised RuPay debit card free of cost.
3. The bank will also provide cheque leaves.

Hence, these are the main features of the PMJDY account, which is also known as a zero balance account.

Also Read: ICICI Bank Loan Statement: Complete Guide to Check Loan Details

How to open the ICICI zero balance bank account online? 

One needs to visit the official website of the ICICI savings account to apply for the zero balance account. 

Disclaimer: The process is not completely digital; in fact, registration is done online, and the final KYC is done at your doorstep. Also, one needs to visit the “savings account website” to get registered, as it is a forced route by the bank itself. There is no option for “apply now” for a basic zero balance account in ICICI separately.

Here are the steps to open your zero balance account online: 

1. Visit the official ICICI savings account website.
2. Click on “Apply now” 
3. You will be shifted to another page where you have to select the type of zero balance account, which is a savings account or a salary account. 
4. Choose a savings account if you're an individual with no guarantee of corporate inclusion, or choose a salary account if you are a working professional and receive a monthly salary.
5. If you select a “savings account”  
6. Now you need to enter some details, like your full name as per the PAN card, your PAN number, and your current address PIN code. 
7. After this, you need to select the occupation accordingly. 
8. Enter the valid and active mobile number and click on “send OTP”
9. An OTP will be sent to your registered mobile number. 
10. Enter the OTP.
11. Accept the terms and conditions. 
12. Click on “Apply Now”.
13. After clicking on 'Apply Now', you will be shifted to a message page.
14. The message will read as follows: "Thank you for your interest in a 3-in-1 savings account. We are assessing your eligibility, and our associates will get back to you within the next 24-48 hours.” 
15. The associates will verify everything related and do the KYC to open a zero balance account, and your zero balance account will be opened at your doorstep. 

Hence, these are the steps to open a zero balance bank account in ICICI. 

Bottom line: 

ICICI Bank provides the no-maintenance account to its customers under the name of “Basic Savings Bank Deposit Account”. This type of account is also known as the Pradhan Mantri Jan Dhan Yojana Account since 2014. It brings the maximum benefits in terms of no minimum balance, digital registration, and complimentary facilities to the customers. Similarly, LoansJagat also provides proper benefits to the people by providing authentic and accurate information in the banking field. 

FAQs

What is the ICICI basic savings bank deposit account? 

It is a zero balance account provided by the ICICI Bank to individuals and salaried people. 

What is the process of opening the ICICI zero balance account? 

One needs to visit the website of the savings deposit account of ICICI Bank. You need to click on 'apply now' and fill in the accurate information. Once the registration is completed, the bank will send its associate to your doorstep for KYC. Once that process is done, your zero balance account is ready.

What is the meaning of a zero balance account? 

The zero balance account refers to those accounts where customers do not need to maintain the minimum balance to avoid a penalty. 

What is the full form of ICICI Bank? 

The full form of ICICI Bank is Industrial Credit and Investment Corporation of India.

What are the main benefits of the zero balance account at ICICI Bank? 

The main benefit is that you do not need to maintain any minimum bank balance in your account; you can easily take out all the money from the account without paying any charges. 

ICICI Bank Zero Balance Account: Benefits & Eligibility

ICICI Bank provides the zero balance savings account for individuals and the salaried account for working professionals. 

Can a zero balance account be held by more than one person? 

Yes, ICICI Bank gives the facility to hold the zero balance account by one person or jointly. 

Does ICICI provide the online opening process for a zero balance savings account? 

No, the opening process is not completely online with ICICI Bank. You can register through an online process, but for KYC and further verification, the bank associates will come to your doorstep. 

Why do people, mainly students, choose zero balance accounts? 

The main reason is that students often are not able to maintain the minimum balance in their accounts; also, they are dependent individuals. A small transaction to their account will be deducted as a penalty for not maintaining a sufficient balance. So, many choose a zero balance account. 

Does opening a zero balance account provide a debit card with it? 

Yes, at ICICI, opening a zero balance account provides a complimentary RuPay debit card.